| ACKNOWLEDGEMENTS | 第4-6页 |
| ABSTRACT | 第6-9页 |
| LIST OF ABBREVIATIONS | 第15-19页 |
| 1 Introduction | 第19-31页 |
| 1.1 Introduction | 第19-24页 |
| 1.2 Significance of the study | 第24-26页 |
| 1.2.1 Practical Significance | 第25-26页 |
| 1.2.2 Theoretical Significance | 第26页 |
| 1.3 Study Concepts | 第26-28页 |
| 1.3.1 Accounting Conservatism | 第26页 |
| 1.3.2 Asymmetric information timeliness | 第26-27页 |
| 1.3.3 Conditional and unconditional Conservatism | 第27页 |
| 1.3.3.1 Conditional Conservatism | 第27页 |
| 1.3.3.2 Unconditional Conservatism | 第27页 |
| 1.3.4 Investment Efficiency | 第27-28页 |
| 1.3.5 Cost of capital | 第28页 |
| 1.4 Study Methodology | 第28-29页 |
| 1.5 Objectives of the study | 第29页 |
| 1.6 Study contribution and motivation | 第29-30页 |
| 1.7 Main content | 第30-31页 |
| 2 Literature Review and Background Theory | 第31-56页 |
| 2.1 Introduction | 第31页 |
| 2.2 Literature Review | 第31-44页 |
| 2.2.1 Accounting Conservatism | 第32-33页 |
| 2.2.2 Criticism and Elimination of Conservatism from FASB | 第33-35页 |
| 2.2.3 Conservatism in Pakistan and China | 第35-36页 |
| 2.2.4 Conservatism demand | 第36-38页 |
| 2.2.5 Background literature of conservatism and importance | 第38-40页 |
| 2.2.6 Accounting conservatism and investment efficiency | 第40-42页 |
| 2.2.7 Accounting conservatism and cost of capital | 第42-44页 |
| 2.3 Accounting conservatism and corporate governance | 第44-47页 |
| 2.3.1 Corporate Governance in Pakistan | 第45-46页 |
| 2.3.2 Corporate governance in China | 第46-47页 |
| 2.4 Background | 第47-50页 |
| 2.4.1 Accounting standard in China | 第47-48页 |
| 2.4.2 Accounting standards in Pakistan | 第48-49页 |
| 2.4.3 Accounting conservatism in China and Pakistan | 第49-50页 |
| 2.5 Theories | 第50-54页 |
| 2.5.1 Agency Theory | 第50-51页 |
| 2.5.2 Agency theory in China and Pakistan | 第51-52页 |
| 2.5.3 Resource Dependency Theory | 第52-53页 |
| 2.5.4 Positive accounting theory | 第53-54页 |
| 2.6 Summary | 第54-56页 |
| 3 Theoratical Analysis | 第56-72页 |
| 3.1 Introduction | 第56页 |
| 3.2 The Concept of Accounting Conservatism | 第56-59页 |
| 3.2.1 The Definition of Accounting Conservatism | 第56-57页 |
| 3.2.2 Conditional Accounting Conservatism | 第57-59页 |
| 3.3 The Role of Accounting Conservatism on Investment Efficiency | 第59-62页 |
| 3.3.1 Accounting Conservatism and Overinvestment | 第59-61页 |
| 3.3.2 Accounting Conservatism and Underinvestment | 第61-62页 |
| 3.4 The Role of Accounting Conservatism on Cost of Capital | 第62-63页 |
| 3.4.1 Accounting Conservatism and Cost of Equity | 第62-63页 |
| 3.4.2 Accounting Conservatism and Cost of Debt | 第63页 |
| 3.5 Implication of Conditional Conservatism versus Unconditional Conservatism | 第63-64页 |
| 3.6 Measurements of Models | 第64-68页 |
| 3.6.1 Measurement of Conservatism | 第64-65页 |
| 3.6.2 Measurement of Investment Efficiency | 第65-66页 |
| 3.6.3 Measurement of Cost of Capital | 第66-68页 |
| 3.7 Research Framework | 第68-70页 |
| 3.8 Summary | 第70-72页 |
| 4 Hypotheses Development, Research Design and Methodology of Study | 第72-85页 |
| 4.1 Introduction | 第72页 |
| 4.2 Hypotheses Development | 第72-73页 |
| 4.3 Hypotheses Development | 第73-74页 |
| 4.4 Methodology of Study | 第74-81页 |
| 4.4.1 Data Collection | 第74-75页 |
| 4.4.2 Population and Study Sample | 第75-77页 |
| 4.4.3 Control Variables | 第77-81页 |
| 4.5 Models Specification | 第81-83页 |
| 4.5.1 Conservatism and Investment Efficiency Model Specification | 第82页 |
| 4.5.2 Controlled Variables Model of Cost of Capital | 第82-83页 |
| 4.6 Robust Test Analysis | 第83-84页 |
| 4.6.1 Robust Test by 2SLS Model | 第83-84页 |
| 4.6.2 Alternative Measure of Cost of Capital | 第84页 |
| 4.7 Summary | 第84-85页 |
| 5 Conservatism and Investment Efficieny | 第85-108页 |
| 5.1 Introduction | 第85页 |
| 5.2 Model, Data and Method Specification of China | 第85-88页 |
| 5.2.1 Econometric Method and Model | 第85-87页 |
| 5.2.2 Variables and Data Specification | 第87-88页 |
| 5.3 Empirical Test and Analysis | 第88-94页 |
| 5.3.1 Empirical Finding and Results | 第88-94页 |
| 5.3.2 Robustness test | 第94页 |
| 5.4 Model, Data and Method Specification of Pakistan | 第94-96页 |
| 5.4.1 Econometric Method and Model | 第94-96页 |
| 5.4.2 Variables and Data Specification | 第96页 |
| 5.5 Empirical Test and Analysis | 第96-102页 |
| 5.5.1 Empirical Results and Analysis | 第96-101页 |
| 5.5.2 Robustness Test | 第101-102页 |
| 5.6 Comparative Analysis of Pakistan and China | 第102-106页 |
| 5.6.1 Descriptive Analysis | 第102页 |
| 5.6.2 Spearman Correlation Analysis | 第102-103页 |
| 5.6.3 Regression analyses | 第103-106页 |
| 5.7 Summary | 第106-108页 |
| 6 Conservatism and Cost of Capital | 第108-129页 |
| 6.1 Introduction | 第108-109页 |
| 6.2 Model, Data and Method Specification of China | 第109-111页 |
| 6.2.1 Econometric Method and Model | 第109-110页 |
| 6.2.2 Variables and Data Specification | 第110-111页 |
| 6.3 Empirical Test and Analysis | 第111-116页 |
| 6.3.1 Empirical Results and Analysis | 第111-116页 |
| 6.3.2 Robustness Test | 第116页 |
| 6.4 Model, Data and Method Specification of Pakistan | 第116-119页 |
| 6.4.1 Econometric Method and Model | 第116-118页 |
| 6.4.2 Variables and Specification | 第118-119页 |
| 6.5 Empirical Test and Analysis | 第119-123页 |
| 6.5.1 Empirical Results and Analysis | 第119-122页 |
| 6.5.2 Robustness Test | 第122-123页 |
| 6.6 Comparative Analysis of China and Pakistan | 第123-128页 |
| 6.6.1 Descriptive Statistics | 第123-124页 |
| 6.6.2 Spearman Correlation | 第124页 |
| 6.6.3 Regression Analysis | 第124-128页 |
| 6.7 Summary | 第128-129页 |
| 7 Conclusions, Recmmondation, Study Limitation and Direction | 第129-140页 |
| 7.1 Introduction | 第129页 |
| 7.2 Summary of the thesis | 第129-131页 |
| 7.3 Summary of Finding | 第131-132页 |
| 7.4 Implication of This Thesis | 第132-137页 |
| 7.4.1 Implication for Policy Makers and Accounting Practices | 第134-135页 |
| 7.4.2 Implication for Researchers | 第135-136页 |
| 7.4.3 Implication for End Users of Financial Statements | 第136-137页 |
| 7.5 Limitations | 第137-138页 |
| 7.6 Future Research Prospective | 第138-140页 |
| REFRENCES | 第140-151页 |
| APPENDICES | 第151-164页 |
| Appendix A. Conditional conservatism measure model | 第151-152页 |
| Appendix B. Investment efficiency measure model | 第152-153页 |
| Appendix C. Variance Inflation Test of Chinese sample for investment efficiency | 第153页 |
| Appendix D. Variance Inflation Test of Pakistani sample for investmentefficiency | 第153-154页 |
| Appendix E. Variance Inflation Test of Chinese sample for cost of capital | 第154页 |
| Appendix F. Variance Inflation Test of Pakistani sample for cost of capital | 第154-155页 |
| Appendix G. Tables of Pakistani companies and industries | 第155-160页 |
| Appendix H. Table of Chinese companies and industries | 第160页 |
| Appendix I. Robust test of investment efficiency model of China | 第160-161页 |
| Appendix J. Robust test of investment efficiency model of Pakistan | 第161页 |
| Appendix K. Robust test of cost of capital model of China | 第161-162页 |
| Appendix L. Robust test of cost of capital model of Pakistan | 第162-163页 |
| Appendix M. Cost of capital measure model | 第163-164页 |
| Appendix N. Alternative Measure of Cost of Capital | 第164页 |
